After the termination of the controlled status of all townships located in a county as provided in section 41 of this chapter, if the local income tax is imposed under this chapter, any revenues from the local income tax imposed under this chapter shall be distributed in the following priority:

1. (1) To satisfy the requirements of section 43 of this chapter.
2. (2) To replace the amount, if any, of property tax revenue lost due to the allowance of a homestead credit within the county under an ordinance adopted under section 45 of this chapter.

3. (3) To be used as a certified distribution as provided in IC 6-3.6-6 .

   [Pre-1992 Revision Citation: 12-2-14-40.]

As added by P.L.2-1992, SEC.14. Amended by P.L.113-2010, SEC.93; P.L.197-2016, SEC.113.